Nuri Telecom Improves Profitability... Cumulative Operating Profit of 5.6 Billion KRW in Q3

[Asia Economy Reporter Hyungsoo Park] Nuritelecom, a developer of Internet of Things (IoT) and Advanced Metering Infrastructure (AMI) solutions, announced on the 12th that its cumulative consolidated sales for the third quarter reached 76.8 billion KRW, operating profit was 5.6 billion KRW, and net profit was 6.6 billion KRW.

Compared to the same period last year, sales decreased by 13%, but operating profit and net profit increased by 63% and 188%, respectively. On a separate basis for the third quarter cumulative period, sales reached 45.1 billion KRW, operating profit was 4.5 billion KRW, and net profit was 4.2 billion KRW. Sales decreased by 13% compared to the same period last year, while operating profit increased by 34% and net profit by 49%.

CEO Kim Youngdeok stated, "The AMI business accounted for 85% due to participation in the low-voltage AMI project and the promotion of projects in Ghana and Vietnam," adding, "The separate operating profit margin for the third quarter recorded a strong performance of 10%."

He continued, "We are promoting participation in projects to lead the smart energy platform and energy trading platform markets within the government's Green New Deal initiatives," and said, "We are conducting research and development related to energy trading and will focus on smart industrial complexes and smart city construction projects."